Metadata

Submitted by: Amruta Yangalwar, Company Secretary & Compliance Officer (ICSI Membership Number: A25687)

Financial Performance Highlights (FY26)

Profit & Loss Statement

  • Revenue: ₹9,204 Crore, representing a year-on-year (YoY) growth of 16.6%.
  • EBITDA: ₹1,789 Crore.
  • EBITDA Margin: 19.4%, an expansion of 80 basis points (bps) from the previous year.
  • Adjusted Profit After Tax (Adj. PAT)¹: ₹1,008 Crore.
  • Adjusted PAT Margin: 10.9%, an improvement of 189 bps YoY.
  • Return on Capital Employed (ROCE): Improved by 180 bps to 23.8%.

¹Adj. PAT is stated as excluding exceptional item, impact of labour code, and changes in fair value of contingent consideration.

Q4 FY26 Performance

  • Revenue: ₹2,470 Crore.
  • Gross Profit: ₹1,467 Crore.
  • Gross Profit Margin: 59.4% (154 bps improvement YoY).
  • EBITDA: ₹485 Crore.
  • EBITDA Margin: 19.7% (123 bps improvement YoY).
  • Adjusted PAT¹: ₹279 Crore.
  • Adjusted PAT Margin: 11.3% (160 bps improvement YoY).

Business Segment Performance

Geographical Revenue (FY26)

  • International Business: ₹5,177 Cr, growth led by market share gains and new launches.
  • Emerging Markets (EM): ₹1,840 Cr
  • Europe (EU): ₹1,850 Cr
  • Canada (CA): ₹1,487 Cr
  • Domestic (India) Business: Growth of +10.0% YoY, in line with the Indian Pharmaceutical Market (IPM).

Operational Metrics

  • Productivity (PCPM): Scaled approximately 30% from ₹5.4 lacs to ₹7.0 lacs in FY26.

Strategic Initiatives and Updates

Mergers, Acquisitions, and In-Licensing

  • Acquisition of Zuventus Healthcare: Acquired full control in a deal valued at ₹724.9 Crore, consolidating domestic operations.
  • Acquisition by Tillomed Laboratories (UK subsidiary): Signed a £19.7 million asset purchase agreement with Manx Healthcare for a product portfolio, marketing rights, and IP.
  • In-Licensing Partnership with Novo Nordisk: Secured exclusive rights to distribute and commercialize Poviztra® (semaglutide injection 2.4 mg) for weight loss in India.
  • In-Licensing Partnership with Sanofi: Exclusive distribution agreement for oral anti-diabetic products Amaryl and Cetapin in India.
  • In-Licensing Partnership with Roche: Agreement to license and distribute Roche's nephrology and transplant brands (Mircera, NeoRecormon, CellCept) for chronic kidney disease (CKD), anaemia management, and transplant care in India, effective from Q1 FY27.

Leadership and Organization

  • The domestic business was strengthened with new leadership hires across key segments.
  • The company has reorganized its domestic business into four key verticals led by a specialized experienced leadership team.
  • New Therapeutic Segments: The company is expanding into:
  • Super Specialties: Renal, Oncology, CNS, Ophthalmology.
  • Consumer (OTC): Arth wellness and health supplement line; Galact Pregnancy Support Range.
  • Dermatology: Range of prescription and cosmo-derma products.

Product Pipeline and Market Opportunities

Global Pipeline

  • The company has a robust in-house R&D pipeline across key platforms.
  • Europe: 55+ products under development. Focus on complex injectables with a Total Addressable Market (TAM) of USD 1 Bn+, including Ferric Carboxymaltose and Doxorubicin.
  • Canada: 50+ products in pipeline (TAM: ~CAD 3 Bn), with first generic opportunities for 8 near-term products.
  • Rest of World (RoW): Pipeline includes complex injectables and biosimilars with a TAM of USD 2 Bn+. Key products include Amphotericin B, Tenecteplase, Lenacapavir, Ferric Carboxymaltose, Bevacizumab, and Enoxaparin.
  • India: 5 key launches planned in the next 18 months.

Balance Sheet and Cash Flow (As of March 31, 2026)

Balance Sheet Summary

  • Shareholder Funds: ₹4,950 Cr (Mar'25: ₹4,446 Cr)
  • Borrowings (Gross Debt): ₹1,204 Cr (Mar'25: ₹732 Cr)
  • Cash and Bank Balances: ₹150 Cr (Mar'25: ₹243 Cr)
  • Net Debt: ₹1,054 Cr
  • Total Assets: ₹9,376 Cr (Mar'25: ₹8,028 Cr)

Cash Flow Statement (FY26)

  • Net Cash from Operating Activities: ₹944 Cr
  • Net Cash Used in Investing Activities: ₹-1,193 Cr (primarily due to Capex of ₹438 Cr and acquisition of Zuventus minority interest for ₹725 Cr)
  • Net Cash from Financing Activities: ₹343 Cr (due to increase in debt and cash credit)

Forward-Looking Statements

The presentation contains forward-looking statements based on current expectations, assumptions, and projections about future events. These statements involve known and unknown risks and uncertainties, including regulatory changes, competitive pressures, technology changes, supply chain challenges, currency fluctuations, and other risks inherent to the pharmaceutical industry. The company does not undertake to update any forward-looking statements.